Tsakos Energy Navigation Ltd · NYSE:TEN

Tsakos Energy Navigation — Q2 2016 Earnings Presentation

14 slides from Tsakos Energy Navigation's earnings presentation, Sep 9, 2016

  1. Slide 1: Q2 2016 Earnings Conference Call

    TEN Ltd Tsakos Energy Navigation September 9, 2016 Q2 2016 Earnings Conference Call

  2. Slide 2: Forward-looking statements

    This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statemen

  3. Slide 3: Corporate Facts

    Corporate Facts  65 vessels (pro forma) - excluding Shuttle NB  Core fleet utilization in Q2 2016 at 98% net of option scheduled drydockings  Average fleet age (6/30/2016): 7.2 years vs. 9.9 of  60% of remaining 2016 and 53% of 2017 available world tanker fleet – To reduce further with days to d

  4. Slide 4: 6mo & Q2 2016 Highlights

    6mo & Q2 2016 Highlights  6mo Net Income of $41.8 million or $0.39 per diluted share  Q2 Net Income of $16.4 million or $0.15 per diluted share  Operating income of $57.4 million and $24.3 million for 6 months and Q2 2016 respectively  Low Net Debt/Cap of 48% and healthy cash liquidity of $263 m

  5. Slide 5: Fleet Composition – 65 vessels (pro-forma)

    Fleet Composition – 65 vessels (pro-forma) CRUDE TRADING PRODUCTS DP2/LNG 47 13 5 6.0m dwt 0.6m dwt 0.7m dwt VLCC Suezmax Aframax Aframax LR Panamax Handymax Handysize DP2 Shuttle LNG One World Trade 1,100 900 850 850 750 615’ 570’ 900 750 1,775 300,000dwt 160,000dwt 100,000dwt 100,000dwt 74

  6. Slide 6: Long-Term Strategic Alliances

    Long-Term Strategic Alliances Top Customers (2015) (in alphabetical order) 1. BP 2. CHEVRON 3. EXXONMOBIL 4. FLOPEC 70% 5. HMM 6. LITASCO 7. PETROBRAS 8. SHELL 9. STATOIL 10. VITOL Long-term, blue-chip, recurring customer base consisting of major global energy companies Transporter of Choice for Maj

  7. Slide 7: Timely Acquisitions => Low 6mo B/E Rates - Flexible Employment

    Timely Acquisitions => Low 6mo B/E Rates* - Flexible Employment *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 3 VLCC $22,887 13 SUEZMAX $18,128 17 AFRAMAX $17,888 AFRAMAX 3 LR2 $20,539 PANAMAX 11 LR1 $15,319 HANDYMAX 6 MR $16,021 7 HANDYSIZE $13,477 2 LNG $24,904 DP2 3 SH

  8. Slide 8: Demand Strong – Positive L/T Outlook

    Demand Strong – Positive L/T Outlook  Strong potential of China and India with a combined BARRELS OF OIL PER CAPITA PER ANNUM population of 2.5 billion in a world of 7.0 billion. Their per capita (Source: BP Statistical Review of World Energy June 2016) oil consumption is at extremely low levels an

  9. Slide 9: Tanker Orderbook/Delivery Schedule vs. Fleet >15 years

    Tanker Orderbook/Delivery Schedule vs. Fleet >15 years  Total Orderbook of 676 tankers to join the fleet over the next three years vs. 804 vessels in fleet over 15 years of age (This does NOT include vessels in the 12-14years age bracket which will be around the 15 year mark by 2018. Data provided

  10. Slide 10: Solid Growth Through Cycles - Secured Dividend Payments

    Solid Growth Through Cycles - Secured Dividend Payments  TEN has always paid a dividend irrespective of market cycles - $10.355 per share in total dividends since inception  Long-term nature of Company’s employment policy provides cash flow sustainability and visibility $400 Av. Yield of 5.25% pa

  11. Slide 11: Attractive Valuation – Upside Potential

    Attractive Valuation – Upside Potential Analyst Coverage (Sept. 2016): Net Asset Value (06/30/2016) 1. Morgan Stanley Overweight NAV (Fair Value): $8.98/share 2. JP Morgan Overweight NAV (Book Value): $13.96/share 3. Wells Fargo Outperform 4. Credit Suisse Outperform 5. UBS Neutral 6. Jefferies Buy

  12. Slide 12: Income Statement – Balance Sheet

    Income Statement – Balance Sheet Three months ended Six months ended June 30 (unaudited) June 30 (unaudited) STATEMENT OF OPERATIONS DATA 2016 2015 2016 2015 Voyage revenues $ 119,851 $ 154,020 $ 241,942 $ 302,887 Voyage expenses 25,020 35,248 47,473 69,798 Vessel operating expenses 36,198 37,144 71

  13. Slide 13: Other Financial / Fleet Data

    Other Financial / Fleet Data Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2016 2015 2016 2015 Net cash from operating activities $ 39,553 $ 42,105 $ 93,262 $ 97,519 Net cash used in investing activities $ (159,392) $ (32,794) $ (256,124) $ (76,650) Net cash provided by fi

  14. Slide 14: Tsakos Energy Navigation, Ltd

    TSAKOS ENERGY NAVIGATION, LTD For more information please contact: Paul Durham: Chief Financial Officer pdurham@tenn.gr George Saroglou: Chief Operating Officer gsaroglou@tenn.gr Harrys Kosmatos: Corporate Development Officer hkosmatos@tenn.gr Tsakos Energy Navigation, Ltd 367 Syngrou Avenue Athens

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